Commodity Prices Surged In December 2020 – Report

Energy prices surged in December, led by a more than 15% increase in oil prices, the World Bank’s Pink Sheet reported. Non-energy prices jumped 4.7%. 

Agricultural prices advanced 2.1% in December. Food prices were up 2.6%, led grains (+3.8%) and oils and meals (+2.6%). Raw materials rose 1.4%, while beverages gained marginally (+0.8%). Fertilizer prices rose 2.2%. 

Metals prices surged more than 10% in December with all components moving higher, including iron ore (+25%), copper (+10%), tin and nickel (+6.5% each). Precious metals gained almost 1%, led by a surge in platinum prices (+12.8%).

The Pink Sheet is a monthly report that monitors commodity price movements.